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during the year jessicas firm had net income of $700000. it was a record year but most of the sales were on credit and have
during the year jessicas firm had net income of $700000. it was a record year but most of the sales were on credit and have not yet been paid. in fact , there are still $400000 waiting for collection . mangement belives they will be paid , but some of the terms allow almost a year before that occurs . the firms also paid a dividend of $4000 . how much ,if at all did retained earnings change this year?
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